Canatu Plc Company announcement 25 March 2026 at 8.30 p.m. EET

Canatu announces updated strategy and long-term financial targets, transitioning to scalable value creation

Canatu Plc’s Board of Directors has approved the company’s updated strategy and long-term financial targets, which extend until the end of 2030.

Canatu’s key strength lies in its unique carbon nanotube (CNT) technology platform, creating a strong competitive advantage. The company’s strategic theme, moving from technology validation to scalable value creation, reflects its direction.

“We have demonstrated the strength of our unique CNT technology platform and validated it in the most demanding CNT pellicle application since the previous Capital Markets Day (CMD) in 2024. With this foundation in place, we are now transitioning from technology validation to scalable value creation. Building on our proprietary Dry Deposition^TM platform, deep customer integration, and strong expertise, we are scaling Canatu into a globally relevant CNT platform company focused on carefully selected industries undergoing technological transformation, with strong potential for high-margin growth,” says CEO Juha Kokkonen.

Canatu is leading the next wave of material transformation as legacy materials reach their limits, under growing demands for higher performance and energy efficiency. CNTs are a next-generation general-purpose technology with broad application potential, enabling step-change improvements in performance.

Canatu’s strategic focus

Canatu is a nanotechnology scale-up specializing in advanced carbon nanotubes (CNTs), serving global forerunner customers in the Semiconductor, Automotive, and Medical Diagnostics industries. The company is building on its unique CNT technology platform to address large and growing markets estimated to reach approximately 3B€ in 2030.

Canatu’s current focus markets are undergoing structural transformation driven by long-term industry trends. Artificial intelligence (AI) is accelerating demand for advanced chips, driving the adoption of high-power EUV scanners and CNT pellicles. Automotive electrification increases the need for smarter thermal energy optimization, while higher levels of advanced driver assistance systems (ADAS) require sensors with increasingly stringent optical performance. In healthcare, the shift from centralized laboratories toward the patient’s side is driving demand for ultra-sensitive, cost-efficient, and rapid point-of-care diagnostics. Together, these trends are pushing legacy materials to their limits, unlocking high-value applications for advanced CNTs that promise higher performance and energy efficiency.

Canatu’s scalable business models enable flexibility, allowing it to address both niche, high-margin opportunities and global, high-volume cases.

Semiconductors are Canatu’s key growth driver, supporting the transition to a predominantly recurring revenue model in 2030. The key business target is to become the leading provider of CNT pellicle membrane technology for EUV lithography. CNT pellicle technology is moving from validation to scaling, with the EUV pellicle market representing the largest near- and mid-term opportunity for Canatu. The total addressable market for EUV pellicles is estimated at approximately 1.5B€ in 2030, driven predominantly by advanced logic nodes. Sub-3nm logic and Gate-All-Around (GAA) transistors each account for 43% of the market, while memory (DRAM) represents 14%. The number of EUV exposures and steps used increases with new nodes, structurally expanding pellicle demand. Industry efforts are focused on enabling CNT pellicle adoption in GAA transistors and selected <3nm applications, with additional upside potential in DRAM memory. This occurs in parallel with the introduction of EUV lithography scanners with an increased 600W light source. 

Operationally, the near‑term focus is on completing customer approval of the second CNT100 SEMI reactor and initiating recurring revenue from consumables and royalties. Moving forward, the priority is to scale the installed reactor base, a key driver in achieving predominantly recurring semiconductor revenues by 2030.

Canatu has invested in a new modular semiconductor‑grade production facility to support scalable reactor deliveries and long‑term growth in CNT pellicles. The facility enables phased capacity expansion with limited upfront CAPEX, strengthening Canatu’s ability to scale reactor deliveries and subsequent recurring semiconductor revenues as demand increases. Future 1000W EUV scanners will be a future industry milestone which drives Canatu’s technology and reactor development during the strategy period.

In Automotive, Canatu’s target is to establish a position in the fast-growing full-windshield market, and as a supplier of ADAS camera heaters. Canatu focuses on selected high-value applications where its CNT technology delivers clear customer value. Priority applications include ADAS camera heaters, full windshield heaters, and solar cells, with commercialization progressing in phases. The total addressable market is estimated at approximately 0.2B€ for ADAS camera heaters and 0.7B€ for full windshield heaters in 2030, while automotive solar cell growth is expected in the early 2030s. The key operational goal is to start mass production of ADAS camera heaters with the lead customer and scale in phases toward a sustained camera heater business. In parallel, Canatu continues focused development of additional high-value applications, including full windshield heaters and solar cells, targeting commercialization toward the end of the strategic period.

In Medical Diagnostics, Canatu’s business target is to become a leading provider of point-of-care solutions for hormones and sepsis. Canatu is executing a focused roadmap, advancing from the proof-of-concept stage through the development of functional prototypes to prepare for clinical trials in selected applications, including hormones and sepsis markers, with Testosterone as the first target for commercial launch in 2030. The serviceable market (SAM) for hormone testing is estimated at approximately 0.4B€, and for sepsis testing at approximately 0.3B€ in 2030.

Canatu’s CNT technology platform has broad application potential beyond its core businesses. New Business Development (NBD) offers significant upside potential without diluting focus on the core. New Business Development’s target is to develop new application candidates into 2–5 focused product families, creating substantial corporate value. Strong inbound interest creates a continuous flow of opportunities, which NBD evaluates and advances in a disciplined manner. NBD focuses on identifying and developing future CNT applications with the highest commercial and technical relevance. By collaborating with research and industrial partners and leveraging public funding, Canatu can expand its opportunity pipeline without overstretching internal resources. Key operational targets for 2030 are to have the first new product in mass production and to establish 2–5 new product families with a defendable IP position.

Canatu has a clear, de-risked path to its long-term financial targets. Semiconductor is the key growth driver, supporting the shift toward a predominantly recurring revenue model. Strong technology edge underpins pricing power and margins, while operating leverage and scalable business models underpin progress toward the EBIT margin target. A strong balance sheet provides strategic flexibility.

Updated long-term financial targets

Canatu has set the following long-term financial targets, extending until the end of 2030:

• 100-150M€ revenue in 2030
• 25-30% EBIT margin in 2030 (adjusted for goodwill amortization in accordance with the Finnish Accounting Standards)

Canatu expects the relative contribution to 2030 forecasted revenue to be:

• Semiconductor: large
• Automotive: medium
• Medical Diagnostics: small
• New Business Development: small

Canatu expects the relative revenue growth rate by business in 2030 to be:

• Semiconductor: medium
• Automotive: medium
• Medical Diagnostics: high
• New Business Development: high

Canatu expects current capital expenditure (CAPEX) levels to be sufficient to reach the long-term financial targets in 2030. Total CAPEX is expected to peak in 2026 at 14-18M€ then return to an annual average level of 5-6M€ thereafter. The peak is primarily due to the investments in the second factory and PELMIS EUV pellicle inspection system, the delivery of which was delayed from 2025 to 2026.

Achieving these targets may require increasing the headcount by on average 10-35 full-time equivalent employees (FTEs) per year, largely depending on the NBD initiatives.

Key assumptions underlying the revenue target

Semiconductor

• EUV pellicles
  • EUV wafer volumes grow at ~25% annually from 2025 to 2030
  • CNT becomes the dominant material for EUV pellicles by 2030, with at least 50% of EUV wafers processed using CNT pellicles
  • The average lifetime of CNT pellicles reaches 15,000 wafers/pellicle in 2030
  • Canatu is the leading CNT technology provider for EUV pellicles in 2030
  • Canatu’s installed base of CNT100 SEMI reactors is 10-20 in 2030
  • Strong technological advantages continue to support Canatu’s pricing power and further development of its recurring revenue business models
• Inspection membranes
  • Demand for inspection membranes follows the growth of EUV wafer volumes
  • Canatu maintains strong position in inspection membranes in 2030

Automotive

• At least one Canatu customer reaches commercial market entry with windshield heater and/or solar cell applications based on Canatu CNT technology by 2030
• Canatu manufactures and sells ADAS camera heaters for at least one high-volume car model in 2030

Medical Diagnostics

• Canatu manufactures and sells electrochemical biosensors for at least one point-of-care hormone testing application in 2030

New Business Development

• First new product in mass production in 2030

These targets replace Canatu’s long-term financial targets that were withdrawn on 3 March 2026. As a general principle, Canatu updates its long‑term financial targets at the next Capital Markets Day.

Capital Markets Day 2026

Canatu is organizing a Capital Markets Day on March 26, 2026, from 10:00 a.m. to approximately 12:30 p.m. EET in Sanomatalo Studio Eliel (Töölönlahdenkatu 2), Helsinki.

A live webcast open to all can be followed at https://canatu.events.inderes.com/canatu-cmd-2026.

The presentations will be conducted in English. Participants will have the opportunity to submit questions via chat during the event.

Additional information

Juha Kokkonen, CEO, juha.kokkonen@canatu.com, +358 40 543 0367

Mari Makkonen, VP, IR, Communications & Marketing, mari.makkonen@canatu.com, +358 50 442 2343

Certified adviser

DNB Carnegie Investment Bank AB (publ), tel. +46 (0) 8 588 685 70

About Canatu

Canatu (CANATU, Nasdaq First North, Finland) is a fast-growing deep technology company creating advanced carbon nanotubes (Canatu CNTs), related products, and manufacturing equipment for the semiconductor, automotive, and medical diagnostics industries. Canatu partners with forerunner companies, together transforming products for better tomorrows with nano carbon.

Canatu’s versatile platform technology has broad potential applications. Its current core includes CNT membranes for extreme ultraviolet (EUV) processes in the semiconductor industry, enabling more effective manufacturing of the most advanced chips, as well as film heaters for advanced driver-assistance systems (ADAS) in the automotive industry. Additionally, electrochemical sensors for medical diagnostics are in the development phase. Canatu’s patented CNT reactors and Dry Deposition^TM method yield clean and pristine CNTs. The company operates through two business models: selling CNT products directly, as well as selling CNT reactors and licensing the related technology so that customers can produce CNT products under a limited license.

Headquartered in Finland, Canatu also operates in the US, Japan and Taiwan. Founded in 2004 as a spin-off from Aalto University’s Nanomaterials Group, Canatu currently has 145 full-time equivalent employees representing over 35 nationalities, with nearly 20% holding or pursuing doctorates. Discover more at www.canatu.com and follow us on LinkedIn.

Forward-looking statements

Certain statements in this release are “forward-looking statements”. Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Company’s competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, its business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information, such as revenue growth, EBIT growth, cost savings, investments, future cash flow generation, operating profit margin, operating capital expenditure, ratio of net debt and EBIT, revenue, and operating results. In some instances, they can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology.

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